401(k) Student Loan Match Perk Hindered by Employer Hesitation
Verrill’s Lisa Boehm was recently quoted in a Bloomberg Law article titled, 401(k) Student Loan Match Perk Hindered by Employer Hesitation. The article, authored by Ben Miller, discusses how companies are hesitant to adopt a new perk allowing 401(k) matches for employee student loan payments, despite IRS guidelines facilitating it. Much of the hesitation and concern arises from compliance and logistical challenges, such as verifying loan payments and the data associated with them. Boehm explains, ‘the IRS guidance explicitly permitting self-certification was intended to provide flexibility, making the process less onerous on employees and plan sponsors alike to ensure that requirement is met.’
To read the article in its entirety, please click here.
